1. FIRST INSURER FOR HEALTHCARE PROFESSIONALS Learning expedition in China

2. PRESENTATION OF MACSF 941 65 Clients 1533Employees 80Agencies in France 2Million contracts In billions of euros Turnover: 2.2 Own funds : 2.45 Total AUM : 28 MACSF is a mutual insurance company exclusively dedicated to healthcare professionals.  It was founded in 1935 by a group of doctors committed to protecting themselves against occupational risks and optimizing professional expenditure.  Today it is aimed at all healthcare professionals, both in the liberal and hospital services and a complete range of Insurance products is offered to them. These include: - Insurance : car, home, life, critical illness, health, personal accident… - Retirement, Savings and Investments : amongst some of the best products on the market today - Buisness Insurance : A complete range of personalized solutions - Loan : bring to life members projects and dreams

3. STRATEGIC HOLDINGS One of the best Champagne producer in France, leading quality independant producer after LVMH. Shareholding interest : 11% Fast growing investment company and financial group with 7,5 bn euros asset under management Shareholding interest : 15% Very dynamic french private clinic group ranking number 5 in France. Shareholding interest : 26% Vineyard of 110 hectares of Margaux AOC with an excellent rating in Parker’s guide. Shareholding interest : 100%

4. Non listed technology holdings : We decided to focus on leading US companies.

5. MACSF IN FIGURES 2013 1.91 2 2014 2.3 2015 2.2 2013 GROUPS TURNOVER (billions of euros) LIFE NON-LIFE 1,5 0,7

6. MACSF IN FIGURES 20,74 21.94 2012 2013 23.3 2014 26 2015 28 A.U.M (BILLIONS OF EUROS) 20.74

7. PRESENTATION OF THE EXECUTIVE COMMITTEE BOARD MEMBERS Stéphane Dessirier 55, Managing Director of the MACSF group. Graduated from 'The Business School of Lille' he began his professional career in the financial department of the AUCHAN group and then moved on to join the METRA PROUD FOOT group as a consultant and later as a Financial Analyst for CEPME. In 1984 he joined the GAN (The National Insurers Group) and successively held positions in the Direction for the regional centers and in IARD for both individual and professional insurance. In 2000 he was appointed Head of IARD and Head of healthcare protection for individuals. He became a member of the Executive Committee and a member of the Executive Board of Directors with the GAN insurance company. He joined the MACSF group in July 2003 and occupied various posts as, Insurance Director for IARD, Director for MFPS, Managing Director for healthcare protection and Managing Director for LIBEA. In April 2014 he was promoted to Executive Managing Director for the MACSF group. Nicolas Gombault General Director of the 'Sou Medical' and Deputy General Manager of the MACSF group. Guillaume Rosenwald Director of Retirement Savings Division. Deputy Managing Director for the MACSF group.

8. PRESENTATION OF THE EXECUTIVE COMMITTEE BOARD MEMBERS Serge de Andolenko Director of Audit Department. Eric Dubos Director of Financial Department. Michel Bes Director of Agency Network. Roger Caniard Director of Financial Department.

9. PRESENTATION OF THE EXECUTIVE COMMITTEE BOARD MEMBERS Gilles Jégou Information Systems Director. Dominique Martin Deputy Information Systems Director. Sandrine Guébin Directrice of Accounts Department. Thierry Houselstein (MD) Director of Medical liability.

10. PRESENTATION OF THE EXECUTIVE COMMITTEE BOARD MEMBERS Philippe Picard Director for Strategic Plan management. Sabine Ravier Directrice for Customer relationships. Nicolas Lepère Real estate Investment Director. Edouard Perrin Digital Marketing Director.

11. PRESENTATION OF THE EXECUTIVE COMMITTEE BOARD MEMBERS Jean-Philippe Schneider Director of Loans and Strategic Partnerships. Amaury Roland-Gosselin Director of group's legal department. Luc Romanillos IARD Insurance Director.